Pure Nickel Announces Results for First Quarter Ended February 28, 2013

Pure Nickel Inc (TSX:NIC) announced the release of its operating highlights and financial report which showed a net working capital of $3 million and a net loss of $0.3 million.

As quoted in the press release:

First quarter operating highlights

MAN Property, Alaska

Pure Nickel’s partner on the MAN Alaska property, ITOCHU Corporation, confirmed its continued participation in the project with a commitment to fund US$3.5 million of exploration between May and August this year, as announced on March 27, 2013.

This is the sixth season that Pure Nickel and ITOCHU will work together on the MAN project; ITOCHU has earned a 30% ownership interest in the property and has funded roughly US$21 million in exploration to date. ITOCHU may earn up to a 75% interest by incurring US$40 million of exploration expenditures. The bulk of the 2013 budget will be focused on drilling in the Alpha complex. Jon Findlay, Ph.D, P.Geo. is the designated Qualified Person for this project.

Salt Chuck Property, Alaska

During the first quarter we released the results from the 2012 exploration program at the Salt Chuck property in Alaska (see press release dated December 11, 2012). The drilling program identified high grade gold mineralization in a previously unknown gold-bearing structure in the western part of the property, an area known locally as North Pole Hill. High grade intersections from drill hole NPH-12-04 include: 29.1 g/t Au, 12.1 g/t Ag and 0.79 % Cu over 2.58 metres apparent width, including 127.8 g/t Au, 57.6 g/t Ag and 2.78% Cu over 0.35 metres apparent width.

Click here to read the full Pure Nickel Inc (TSX:NIC) press release.